小鹏飞行汽车2026年量产，智元精灵G2全球首发投产开启汽车制造具身智能新篇章

Investment Rating - Investment rating: Positive (maintained) [1] Core Views - The automotive industry is experiencing robust growth, with a 12.9% year-on-year increase in sales for the first nine months of 2025, totaling 24.36 million vehicles sold [16] - The demand for high-end domestic luxury passenger vehicles is exceeding expectations, with a favorable competitive landscape anticipated to drive performance growth [7] - The electric vehicle (EV) sector is showing significant momentum, with EV sales accounting for 46.1% of total new car sales in September 2025, reflecting a year-on-year growth of over 30% [16] Industry News - The new Wanjie M7 car from Hongmeng Zhixing has achieved over 10,000 deliveries within 21 days of its launch, starting at a price of 279,800 yuan [5] - Xiaopeng Motors plans to mass-produce flying cars by 2026, with a production capacity of 10,000 units per year at its Guangzhou base [5][14] - The first product from the joint venture between GAC and Huawei has completed its design phase, targeting the young consumer market with a focus on smart driving and intelligent cockpit capabilities [15] - In the first nine months of 2025, China's electric vehicle exports accounted for 59.5% of total exports, indicating a strong international presence [17] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 6.24%, ranking 29th among A-share sectors [28] - The commercial vehicle index saw a slight decline of 1.15%, while the passenger vehicle index dropped by 4.13% [6] - The automotive parts sector experienced a significant decline of 8.61%, with various sub-sectors showing varying performance [6][36] Investment Recommendations - For passenger vehicles, the recommendation includes Jianghuai Automobile and Seres, with Geely Automobile identified as a beneficiary [7] - In the automotive parts sector, companies like Desay SV and Zhejiang Xiantong are recommended, with additional beneficiaries including Fuyao Glass and others [7]